Starting a business can present a lot of questions. Check out our list below to see if we’ve answered any of yours!
Frequently Asked Questions
Business incubator or foundry programs assist start-up companies to maximize their potential and minimize pitfalls in the early stages of business development. The IMPACT 307 program was specifically designed to be innovation-driven, meaning companies are pioneers for a new service or product usually with significant growth potential. Our incubator program provides expertise, coaching and shared resources to client start-ups with the goal of fostering the ideal setting for new venture growth.
IMPACT 307 develops founders and helps businesses thrive. Through supportive business counseling, strategy review, market research and more, our team of experts is here to listen, offer professional advice, and connect you to valuable resources to grow your business. If you have an idea but you don’t know how to move it forward or what the next step is, contact IMPACT 307.
We help entrepreneurs and businesses at every stage of development, though we typically assist start-ups and early stage companies with high-growth potential. IMPACT 307 helps make your ideas possible. As the front-door to your entrepreneurial journey, we offer a team of experienced experts, access to resources and connections, incubator space and business counseling, serving as a true ally along the way.
If you have a bit of a competitive streak, be sure to check out our Start-Up Challenges and Launchpads; providing eager entrepreneurs access to seed capital to help launch your big idea!
If you have a great idea and are interested in taking your business concept to the next step, we want to hear from you. Simply contact IMPACT 307 and tell us what you’re interested in receiving assistance with and IMPACT 307 staff will help you accordingly.
Both SBDC and IMPACT 307 are part of the overall Wyoming Business Resource Network, managed by the University of Wyoming. The SBDC is a statewide business advising organization which can provide logistics and process answers to entrepreneurs and existing businesses in Wyoming. With 9 offices located throughout the state, the SBDC offers no cost business advising and business process information to businesses, with a main focus on “main street” businesses throughout the state. IMPACT 307 works both independently and synergistically with SBDC.
Primarily, IMPACT 307 differs from SBDC by focusing on high-growth, early stage companies with an emphasis on job creation and primary employment opportunities. Additionally, IMPACT 307 actively mentors entrepreneurs through topics ranging from intellectual property development as a strategic tool to investor pitch development or exit strategies, and everything in between. As resident mentors are in the same building as many of our entrepreneurs, IMPACT 307 staff can provide deeper and continuous counsel as needed to drive client success.
Currently, the IMPACT 307 offers free business counseling/mentoring services to anyone in Wyoming through the main UW facility in Laramie and through our locations in Casper and Sheridan. Generally, mentoring is focused on comprehensive business model development, sales and marketing, organizational structure, financial and information systems, and ongoing strategic planning. However, this service differs depending on the stage of development and specified needs of the client. Outreach business mentoring services can be provided through email, phone, or video conferencing. See Business Mentorship for additional information.
All of our programs and services are FREE. Incubation in one of our three locations does incur a monthly rental fee. Rental fees vary depending on the size and type of space needed. Contact the specific location to inquire about availability and rates. However, if you are a finalist in one of IMPACT 307’s Start-Up Challenges incubation space fees are waived for the first year of occupancy.
An incubator client is an entrepreneur or pre-venture and start-up stage companies still in the process of developing their business concept and are interested in receiving services/assistance from IMPACT 307’s team of experienced business counselors.
To become a resident incubator client, contact an IMPACT 307 location near you to set up a meeting. Prospective clients should anticipate delivering a presentation that includes value proposition, financial statements, projections, and a business model. In addition, the applicant principals should anticipate an interview with the IMPACT 307 staff. Staff will assess the suitability, goals, and potential for growth of prospective clients. Eligibility is based on client development objectives. Upon acceptance a Service Agreement is offered.
One critical requirement of maintaining residency in good standing is regular tactical/strategic planning interaction with staff. IMPACT 307 supports your efforts through our business services and does NOT act as a standard office space provider. Fortunately, if becoming a resident is not a consideration, you can still take advantage of the counseling and mentoring services IMPACT 307 is designed to provide.
IMPACT 307 has operated close to capacity since opening in 2006. Once you are accepted into the resident incubator program, a service agreement will be created; this is not a lease. The service agreement includes rental space, receptionist services, business development coaching, and other shared resources.
Generally, incubator graduation occurs when the company has reached a space limitation within the building or stabilized enough to ensure a move will not endanger the continued growth and development of the company. Most clients graduating from the incubator have begun to develop a mature management team and can project positive cash flow for at least 6 months. Check out some of our incubator graduates.